Gaylen Rust sentenced to 19 years in prison for $200 million Ponzi scheme
“It was all smoke and mirrors,” said an attorney for the victims.
(Chris Detrick | Tribune file photo) Gaylen Rust poses for a portrait at his home in Layton Wednesday May 22, 2013. Rust was sentenced to 19 years in prison for running one of the biggest Ponzi schemes in Utah history.
Calling it one of the largest Ponzi schemes in Utah history, a federal judge on Tuesday sentenced the mastermind behind the scam to 19 years in prison.
Gaylen D. Rust, 62, must surrender Wednesday to U.S. marshals. He pleaded guilty in December to three charges from running a $200 million silver trading scheme — two counts of fraud and one money laundering count.
On Tuesday, Rust apologized to his victims and his family.
According to civil and criminal court documents, beginning in at least 2008, Rust, who operated Rust Rare Coin with his family, induced investors to put money toward silver trading.
To read more about the sentencing, visit FOX13.
This article is published through the Utah News Collaborative, a partnership of news organizations in Utah that aim to inform readers across the state.
For over 150 years, The Salt Lake Tribune has been Utah’s independent news source. Our reporters work tirelessly to uncover the stories that matter most to Utahns, from unraveling the complexities of court rulings to allowing tax payers to see where and how their hard earned dollars are being spent. This critical work wouldn’t be possible without people like you—individuals who understand the importance of local, independent journalism. As a nonprofit newsroom, every subscription and every donation fuels our mission, supporting the in-depth reporting that shines a light on the is sues shaping Utah today.
You can help power this work.
Donate to the newsroom now. The Salt Lake Tribune, Inc. is a 501(c)(3) public charity and contributions are tax deductible